Future Market Insights recently published a detailed study on worldwide sales of and advancements in modern-day roofing materials, and it reveals that the global market value reached approximately 115 Bn in 2018. An exponential increase in number of both of residential and commercial buildings, catering to ever-rising population, are mainly triggering the sales of roofing materials.

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As the global focus on sustainability of every aspect of an industry intensifies, manufacturers are increasingly targeted towards materials with low impact on the environment. Moreover, greater awareness of the value of roof space and potential of unique roofing materials other than keeping occupants warm and dry has been influencing the innovation strategies, opines the FMI study.

Roofing Materials Market Study: Key Takeaways

• The global roofing materials market is projected to record CAGR of 4.2% during the forecast period (2019-2029).
• North America’s market, accounting for 46% of the total value, will continue to exhibit an impressive growth rate through 2029.
• High growth opportunities are expected in Asia Pacific, due to rapid expansion of construction industry in developing countries
• In 2018, total sales of roofing materials in India accounted for revenues worth over US$ 7.3 Bn.
• Asphalt shingles are projected to account for relatively high share, following restrictions on bitumen in developed markets.
• New installation of roofing materials will continue to influence growth strategies, while manufacturers are focusing on capitalizing on rapidly increasing retrofitting activities.
• High adoption in residential sector remains key growth influencer, while rising application in commercial setting is likely to result in increased market share.

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Manufacturers Eyeing Lucrative Opportunities in Developing Markets

In recent years, a number of population in urban cities of Asian pacific countries have been increasing on a significant pace, thereby potentially raising the need for both residential and commercial buildings. This, in turn, is weighing on same scale as increasing demand for roofing materials. In the view of growing labor concerns across the globe, market players are seeing developing countries from manufacturing perspective, where operation as well as labor costs are relatively low. Furthermore, in Middle East & Africa, demand for roofing materials is expected to grow strong going forward, owing to recent economic development in several countries.

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Roofing Materials Market Analysis 2019 – 2029

A recent market study published by Future Market Insights on the roofing materials market includes global industry analysis for 2014-2018 and opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on historic as well as current growth parameters, growth prospects of the roofing materials market are obtained with maximum precision.